A case involving a widow who opened up a brokerage account with the defunct, CU-formed XCU Capital LLC, its shell later bought by State Employees' Credit Union, is in the middle of a regulator and legal quagmire.
NACUSO said an NCUA letter on the third party brokerage arrangements for the sale of nondeposit investment products contains duties that credit unions may not have the expertise to perform.
Of the litany of regulations coming around the bend within the retail investment space, financial advisers said they are most concerned about the fiduciary standard and additional disclosure rules.
Based on a preliminary review, the SEC and the Commodity Futures Trading Commission said they found no evidence of "fat finger" errors, computer hacking, or terrorist activity involved in the May 6 market drop.
The power of social media and its influence on growth in the financial industry is mesmerizing. However, the conspicuous absence of guidance from regulators, which may be holding back many credit unions from taking the plunge.
The SEC and the Commodity Futures Trading Commission said a preliminary review showed that there were no "fat finger" errors, computer hacking, or terrorist activity involved in the May 6 market drop.
Huddled in a room last week, SEC Chairman Mary Schapiro met with the leaders of the six exchanges to get to the bottom of what caused unusual trading activity and enormous stock market selloff on May 6.
Calling it a "multilevel Ponzi hydra" that promised sky-high returns in the crude oil bond market, the Michigan Office of Finance and Insurance Regulation said it has stopped a Ponzi scheme
The Michigan Office of Finance and Insurance Regulation has stopped a $5 million Ponzi scheme involving an independent contractor licensed through CUSO Financial Services LP who worked from MidWest Financial Credit Union.